A Catalogue of Barclays cunning incompetence

Pacificgas

My wife and I have reached the anniversary of our (separate) Monthly Savings Accounts.

Barclays have sent statements up to the day before the anniversary.

The promised interest rate (although not shown on the statement) has been used to calculate the monthly interest but each month has been shortened by one day.

e.g. From 1 to 31 is (according to Barclays) 31-1=30

Also there is no mention of the interest rate our money is going to get after the anniversary. There is a mention of the rate that new money will get, but no reminder that our money will be dumped.

I happen to be aware that the interest was due to slump from 6% to .1%, which is just as well as I do not expect another communication from them until this time next year.

I did receive, as part of the mailing, an invitation to look at ISAs
which was a diversion/distraction.

My wife did not receive this,as they know she does not pay tax.

Which makes me curious that they deducted tax from her account!

The worring thing about this catalogue of incompetence is that each instance, if left uncorrected, only loses the account holder about three pounds so it really isn't worth the bother.

How many account holders are there? Say 100,000

So what bonus will some needy banker receive for "making" Barclays £300,000? and that's before the get the virtually free use of our money for another year.

zppp

Pacificgas wrote: »

My wife and I have reached the anniversary of our (separate) Monthly Savings Accounts.

Barclays have sent statements up to the day before the anniversary.

The promised interest rate (although not shown on the statement) has been used to calculate the monthly interest but each month has been shortened by one day.

It doesn't have to be shown on the statement (this is chaging though in the near future) however, is there any reason you can't check this on their website?

Pacificgas wrote: »

Also there is no mention of the interest rate our money is going to get after the anniversary. There is a mention of the rate that new money will get, but no reminder that our money will be dumped.

Again look at their website.

Pacificgas wrote: »

I happen to be aware that the interest was due to slump from 6% to .1%, which is just as well as I do not expect another communication from them until this time next year.

I did receive, as part of the mailing, an invitation to look at ISAs
which was a diversion/distraction.

Perhaps they are proactively reccomending a new acount with a better rate?

Pacificgas wrote: »

My wife did not receive this,as they know she does not pay tax.

Anyone can have an ISA, you don't have to have a taxable income.

Pacificgas wrote: »

Which makes me curious that they deducted tax from her account!

Have you filled out an R85 form? If not everyone is taxed irrespective of their income.

Pacificgas wrote: »

The worring thing about this catalogue of incompetence is that each instance, if left uncorrected, only loses the account holder about three pounds so it really isn't worth the bother.

Three pounds of what - tax? :rotfl:

Pacificgas wrote: »

How many account holders are there? Say 100,000

So what bonus will some needy banker receive for "making" Barclays £300,000? and that's before the get the virtually free use of our money for another year.

Nice assumption there. Very Daily Mail-esque :cool:
I think you'll find the big bonuses go to investment bankers, not retail.

Pacificgas

Thank you for replying, zppp.

Interest for 353 days is less than interest for 365 days, and I very much doubt that many people will notice the miscalculation. You didn't. Loss £3ish.:rotfl:

...

R85 signed but they may well have lost it.

...

Barclays claim to be in compliance already, as I understand Martin's comments.

Alpine_Star

zppp wrote: »

It doesn't have to be shown on the statement (this is chaging though in the near future) however, is there any reason you can't check this on their website?

Is there any good reason why Barclays don't put the interest rate on the statement?

zppp

Alpine_Star wrote: »

Is there any good reason why Barclays don't put the interest rate on the statement?

I don't know why don't you ask them?

Pacificgas

/QUOTE is there any reason you can't check this on their website?
/QUOTE
I hope I've mastered quotes, sorry if not.:eek:

Yes, their website does not show the rate that we should have been receiving (account opened 30th June 2009)

And, anyway, this account is not available online except to Barclays current account holders and therefore, as in my wife's case (she doesn't do computer), your question is a bit of a red herring.

Of course, had Barclays allowed me the privilege of seeing the account online I would have noticed these discrepancies much sooner!

Alpine_Star

zppp wrote: »

I don't know why don't you ask them?

I know the answer and so do you.

zppp

Alpine_Star wrote: »

I know the answer and so do you.

If you know the answer why ask? I don't know the answer to your question.

Alpine_Star

Just like 85% of ISAs they don't include the interest rate on the statement because they don't want to draw attention to their lousy and uncompetitive interest rate. Even though the interest rate is the single most important element of any savings product and any statement figure can only be verified by knowing what rate is used to calculate the balance.

And in the same spirit of transparent opacity you claim not to know it.

zppp

Alpine_Star wrote: »

Just like 85% of ISAs they don't include the interest rate on the statement because they don't want to draw attention to their lousy and uncompetitive interest rate. Even though the interest rate is the single most important element of any savings product and any statement figure can only be verified by knowing what rate is used to calculate the balance.

And in the same spirit of transparent opacity you claim not to know it.

Would you like to tell the MSE posters why I should know it, given that I don't work for Barclays, and don't deal with savings accounts day to day? I know that won't matter to you, but I have been honest and said I don't know the answer to the question. Jog on.